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Outcome <br />The community is well served by a library that is appropriately funded and transparently <br />administered to best meet community needs. <br />Overview <br />Colorado public libraries are supported primarily by local <br />tax revenues. The Library Governing Authority seeks and <br />secures funding from public and private sources and <br />monitors and expends these funds with integrity and to <br />support the goals in the library's strategic plan. <br />Libraries earn the public trust by <br />being accountable and transparent <br />about the use of public money. <br />Many libraries have a separate Friends organization and/or Foundation with a 501(C) (3) status to manage <br />donations for library projects, programs, or services. All fund-raising, grants, and donations shall be <br />considered supplemental to local tax revenue. <br />Library districts follow fiscal procedures consistent with state law in preparing, presenting, and <br />administering the budget. Unless exempted by state law, an annual audit of the library's financial records is <br />required. All libraries should have a financial plan. <br />Libraries earn the public trust by being accountable and transparent about the use of public money. <br />Libraries are proactive in these responsibilities and demonstrate transparency by distributing and making <br />information available on a consistent, reliable basis. <br />14 <br />